Editor's introduction

Kou, Gang Article Editor's introduction Financial Innovation Provided in Cooperation with: Springer Nature Suggested Citation: Kou, Gang (2018) : Editor's introduction, Financial Innovation, ISSN 2199-4730, Springer, Heidelberg, Vol. 4, Iss. 1, pp. 1-, https://doi.org/10.1186/s40854-018-0093-1 This Version is available at: https://hdl.handle.net/10419/237125 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public. If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence. https://creativecommons.org/licenses/by/4.0/ EDITORIAL Open Access Editor’s introduction Gang Kou Correspondence: [email protected] Southwestern University of Finance and Economics, Chengdu, China The ninth issue of Financial Innovation (FIN), Volume 4, No. 1 (2018) presents six papers contributed by 17 authors and co-authors from seven countries and areas: Brazil, China, Ghana, Hungary, Italy, India, Pakistan. The first paper, “BM (book-to-market ratio) factor: medium-term momentum and long-term reversal”, by Liu Wei-qi and Zhang Jingxing, obtains an anomaly interpretative model to explain stock market perceptions and medium-term momentum, finding the BM effect does have considerable explanatory power in medium-term momentum and long-term reversal. The second paper, “Sustainable strategy for corporate governance based on the sentiment analysis of financial reports with CSR”,by Yuan Song, Hongwei Wang and Maoran Zhu, shows that the financial report sentiment based on the PESTEL model, Porter’s Five Forces model, and Value Chain (Primary and Support Activities) significantly correlates to the CSR score. The third paper, “Examination of the profitability of technical analysis based on moving average strategies in BRICS”, by Matheus José Silva de Souza, Danilo Guimarães Franco Ramos, Marina Garcia Pena, Vinicius Amorim Sobreiro and Herbert Kimura, investigates the profitability of technical analysis as applied to the stock markets of the BRICS member nations and searches for evidence that technical analysis and fundamental analysis can complement each other in these markets. The fourth paper, “Can we have a general theory of financial innovation processes? A conceptual review”, by Tamer Khraisha and Keren Arthur, examines the hypothesis of a general theory that encompasses increasing complexities in the financial innovation process. The fifth paper, “Has expansion of mobile phone and internet use spurred financial inclusion in the SAARC countries?”, by Sanjaya Kumar Lenka and Rajesh Barik, discovers a positive and significant relationship between the growth of financial inclusion and expansion of both mobile phone and Internet services. The sixth paper, “Financial constraints and investment decisions of listed Indian manufacturing firms”, by Sanjeev Kumar and K. S. Ranjani, confirms cash flow sensitivity to investment as a valid measure of financial constraints using the generalized method of moments estimator on dynamic panel data for the period of (2009–2015) on 768 listed manufacturing firms. Received: 2 April 2018 Accepted: 9 April 2018 Financia l Innovation © The Author(s). 2018 Open Access This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made. Kou Financial Innovation (2018) 4:9 https://doi.org/10.1186/s40854-018-0093-1